I.P.O. investors will be granting Ken Moelis, founder of the investment bank Moelis & Company, an exceptional degree of control for the opportunity to ride his coattails, Antony Currie writes in Reuters Breakingviews.

Federal prosecutors investigating the events leading up to the collapse of the American International Group in 2008 will not bring charges against Joseph Cassano, the chief executive of the unit that insured mortgage-related securities with...